Analysts Expect Paychex, Inc. (PAYX) Will Announce Earnings of $0.60 Per Share
Wall Street analysts predict that Paychex, Inc. (NASDAQ:PAYX) will report earnings per share of $0.60 for the current quarter, according to Zacks Investment Research. Thirteen analysts have provided estimates for Paychex’s earnings, with the lowest EPS estimate coming in at $0.59 and the highest estimate coming in at $0.61. Paychex also posted earnings per share of $0.60 in the same quarter last year. The firm is scheduled to report its next earnings report before the market opens on Tuesday, October 3rd.
According to Zacks, analysts expect that Paychex will report full year earnings of $2.37 per share for the current financial year, with EPS estimates ranging from $2.35 to $2.45. For the next financial year, analysts expect that the company will post earnings of $2.54 per share, with EPS estimates ranging from $2.51 to $2.56. Zacks’ EPS calculations are an average based on a survey of research analysts that follow Paychex.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. The business had revenue of $799.00 million during the quarter, compared to analyst estimates of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The business’s revenue was up 6.0% on a year-over-year basis. During the same period last year, the business earned $0.49 EPS.
A number of analysts have recently weighed in on PAYX shares. Morgan Stanley reduced their price objective on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research note on Friday, June 30th. William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. BidaskClub cut shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Wedbush restated a “neutral” rating and issued a $61.25 price objective (down from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Finally, BMO Capital Markets restated a “hold” rating and issued a $60.00 price objective on shares of Paychex in a research note on Thursday, June 29th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $59.28.
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In other Paychex news, CEO Martin Mucci sold 30,000 shares of the business’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total value of $1,711,200.00. Following the sale, the chief executive officer now owns 237,754 shares of the company’s stock, valued at approximately $13,561,488.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph M. Tucci sold 6,000 shares of the business’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $57.82, for a total transaction of $346,920.00. Following the completion of the sale, the director now directly owns 53,621 shares in the company, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 92,497 shares of company stock valued at $5,300,889. Corporate insiders own 11.60% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Intl Fcstone Inc. bought a new stake in Paychex in the 2nd quarter valued at $1,335,000. Navellier & Associates Inc increased its holdings in Paychex by 3.1% in the 2nd quarter. Navellier & Associates Inc now owns 24,636 shares of the business services provider’s stock valued at $1,403,000 after buying an additional 743 shares during the period. Toronto Dominion Bank increased its holdings in Paychex by 31.2% in the 2nd quarter. Toronto Dominion Bank now owns 117,056 shares of the business services provider’s stock valued at $6,664,000 after buying an additional 27,820 shares during the period. Oak Associates Ltd. OH increased its holdings in Paychex by 15.0% in the 2nd quarter. Oak Associates Ltd. OH now owns 169,185 shares of the business services provider’s stock valued at $9,633,000 after buying an additional 22,100 shares during the period. Finally, Cetera Investment Advisers bought a new stake in Paychex in the 2nd quarter valued at $872,000. 67.33% of the stock is currently owned by hedge funds and other institutional investors.
Paychex (NASDAQ PAYX) traded up 0.59% during midday trading on Friday, reaching $57.85. 2,076,263 shares of the company were exchanged. The firm has a market cap of $20.79 billion, a P/E ratio of 25.71 and a beta of 0.96. Paychex has a one year low of $52.78 and a one year high of $63.03. The firm’s 50-day moving average is $56.37 and its 200-day moving average is $58.47.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Tuesday, August 1st were paid a dividend of $0.50 per share. This is a boost from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend was Friday, July 28th. Paychex’s dividend payout ratio is presently 88.50%.
Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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